Nigeria's Central Bank imposes fines on banks supporting cash hawking to ensure responsible distribution.

The Central Bank of Nigeria (CBN) is cracking down on banks that support cash hawking by imposing penalties. Banks found guilty face fines starting at 10% of the seized cash value, with increases for repeat offenses. The CBN will conduct spot checks and mystery shopping to monitor compliance and ensure cash is distributed responsibly, especially through ATMs, during the holiday season.

November 15, 2024
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